You’re writing your first novel. You, of course, would like to get published. So how do you break into book publishing?
Like many fields nowadays, book publishing is an industry that is changing by the minute. Here are five recent statistics that might surprise you.
Book Publishing Stats
1. In 2015, there were 727,125 self-published books. That’s right: nearly three-quarters of a million books were self-published last year. That’s up 21% in the last five years, according to Bowker, and it’s estimated to be roughly two thirds of the total number of books published. And that number is only increasing.
2. Traditional publishers do little to market most books they publish. It’s true. Unless you’re already a bestselling author, it’s unlikely that the publishing company that opts to publish your book will invest a lot of time and money to get it sold. Instead, they will rely on you to get your hands dirty. That’s why, if presented with two books that are equally good, a publishing company is far more likely to publish the book that has an author with a bigger following on social media, or a ready-made email list and promotion plan.
3. The book publishing market has met crowdfunding. Just this week, a milestone was hit. “Crowdfunding giant Kickstarter has hit a landmark, recording $100 million in pledges to small publishers and self-publishing authors,” according to SmallBizTrends.com. This means that not only are there two options for publishing any more — pay for it yourself (self-publish) or let a publisher pay and keep most of the profits — there’s now a third option: get funded.
4. Most authors never make a penny. It’s sad, but true. Here are a few stats from Income Diary:
- 70% of books don’t make a profit.
- Traditional publishers keep 90% of the profit from a book’s sales.
- If a book sells 10,000 copies, it’s considered successful. “The average royalty through a traditional publisher is 10%. So even if you sell 10,000 copies of $10 book (through a traditional publisher), you’re only walking away with $10 grand.”
And yet, all of this doesn’t mean that you’re destined to continue at your full-time job for the rest of your life. In fact, even some self-published authors have gone on to make a very good living. According to Tharawat Magazine, “Mark Dawson, one of Kindles most successful self-publishers, gets paid $450,000 annually.”
5. It takes a village to publish. While it’s true that authors are now more independent than ever — they can self-publish their books with little to no help from a traditional publisher — authors still need a team of people to help get their book to the finish line. Every author should be working with a professional cover designer, book editor, and website developer/marketing consultant to help them get their book to where it needs to be. After all, what good is a wonderfully-written book if the cover looks shoddy or the website is amateurish? You might be a wonderful writer, but you’re probably not a professional at all of these things.
What else have you learned dipping your toes in the book publishing industry? If you have other surprises you’d like to share with authors just starting on the journey, please share them below!